Lawmakers share latest on COVID-19 negotiations, highlight CU role in relief efforts
As lawmakers continue to discuss coronavirus-related relief efforts, NAFCU Caucus attendees Monday got an inside look at what's happening on Capitol Hill from Senate Minority Leader Chuck Schumer, D-N.Y., Senate Banking Committee Chairman Mike Crapo, R-Idaho, and Ranking Member Sherrod Brown, D-Ohio. While addressing attendees, all three senators noted the important work credit unions have done in serving members and aiding their communities.
Senate Minority Leader Schumer
During his remarks, Schumer noted that the federal government needs to provide additional robust coronavirus relief, highlighting that credit unions were "essential to getting money in the hands of those who need it most."
On the paycheck protection program, Schumer acknowledged that credit unions helped implement the program, saving small businesses and reaching those who were overlooked.
Looking toward additional relief, Schumer indicated that he is dedicated to providing additional help for small businesses, stating "credit unions are the glue of our communities."
Ahead of last week's vote on a revised "skinny" version of a relief package, NAFCU wrote to Schumer, as well as Senate Majority Leader Mitch McConnell, R-Ky., to reiterate the association's request for additional credit union priorities.
Senate Banking Leadership
Sens. Crapo and Brown both addressed future relief efforts and the committee's role in recovery efforts.
Brown indicated that he will continue to fight for more funding for community development financial institutions (CDFI) and new efforts to help Americans who "have been left behind" in the financial system.
Crapo highlighted that he has encouraged the NCUA to extend troubled debt restructuring relief to 2022 and push the implementation date for the current expected credit loss (CECL) to 2023. Crapo also noted that he will continue to provide support for the Paycheck Protection Small Business Forgiveness Act, which aims to provide a simplified automatic forgiveness process for covered PPP loans.
On regulatory relief efforts, Crapo shared that he has encouraged the Treasury Department and federal financial regulators to provide necessary regulatory flexibility and support to financial institutions. He also noted his appreciation of the good faith efforts credit unions have made to lend to their communities.
NAFCU works closely with Sens. Crapo and Brown to ensure they are aware of credit unions' positions on issues addressed by the Senate Banking Committee. The association kicked off 2020 on Capitol Hill, meeting with both senators, to share priorities for the year and legislative solutions that allow the credit union industry to thrive.
The association will continue to advocate for credit union relief priorities amid the pandemic and work with lawmakers. See what issues the association is currently working to obtain.
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CUNA Mutual Group
Add to Calendar 2020-09-21 14:00:00 2020-09-21 14:00:00 Member Business Lending in Relation to COVID Impacting Loans Millions of lives and businesses have been changed by the COVID-19 pandemic. The lasting impacts of COVID-19 – both physically and economically – are still unknown, and the world continues to find ways to adjust in order to meet the difficulties caused by the disease head on. Credit unions have had to respond swiftly and thoughtfully to match the evolving needs of their communities and members, and other affected industries. Eviction moratoriums, payment deferrals, loan modifications and the birth of the Paycheck Protection Program and the terms of loan forgiveness, including the efficacy of these policies to date, are a few of the topics examined in this webinar. Key Takeaways Understand how COVID-19 has dramatically changed the world of commercial lending Examine how financial institutions have responded to the problems created or exacerbated by COVID-19 Review the key aspects of the Paycheck Protection Program under the CARES Act, and other available relief Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until September 21, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Chief Executive Officers (CEOs) Chief Lending Officers (CLOs) Lending, risk, marketing and business development staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand how COVID-19 has dramatically changed the world of commercial lending. Examine how financial institutions have responded to the problems created or exacerbated by COVID-19. Review the key aspects of the Paycheck Protection Program under the CARES Act, and other available relief. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Finance - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, CPE
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